5. Which asset classes represent the best investment opportunities over the next 12 months?

Underweight

No

change

Overweight

Developed market equities

27%

27%

46%

Emerging market equities

43%

33%

24%

Treasury/sovereign debt

48%

34%

17%

Investment grade debt

22%

54%

24%

High-yield debt

57%

26%

17%

Real estate

42%

39%

19%

Infrastructure

14%

43%

43%

Private equity

30%

54%

17%

Private credit

39%

34%

27%

Hedge funds

38%

41%

21%

Currency/foreign exchange

28%

55%

17%

Commodities

36%

42%

22%